Posted on Wed, Dec 12, 2012 : 2:32 p.m.
Judge's approval moves A123 bankruptcy sale closer to completion
By Ben Freed
The Detroit Free Press reports the vast majority of bankrupt battery maker A123 Systems’ assets likely will be sold to Chinese auto parts company Wanxiang for $256.6 million after U.S. Bankruptcy Court judge Kevin Carey approved the bid Tuesday.
AP Photo/Paul Sancya
Navitas Systems, an Illinois-based company, is purchasing the company’s defense-related assets including its Ann Arbor office. Wanxiang would take over plants in Livonia and Romulus.
Click here to read the full report from the Detroit Free Press.
Ben Freed covers business for AnnArbor.com. You can sign up here to receive Business Review updates every week. Reach out to Ben at 734-623-2528 or email him at benfreed@annarbor.com. Follow him on twitter @BFreedinA2
Comments
15crown00
Thu, Dec 13, 2012 : 2:49 p.m.
sweet China win U.S. loses
Jeffersonian Liberal
Thu, Dec 13, 2012 : 2:34 p.m.
This is a win win for the Progressives. The corrupt politicians in Washington and Lansing get to pick the winners and losers with the peoples money and then allow their Commie friends come in and scoop up the free technology.
clownfish
Thu, Dec 13, 2012 : 3:53 p.m.
Where were you when ENRON went under? Did you complain about communism after they took federal money and had laws passed specifically for them then drove the country into a recession? Was it the commies that opened China and advocated for Free Trade policies? I thought that was about Markets? What is preventing a US company from buying these assets?
Goober
Thu, Dec 13, 2012 : 10:17 a.m.
Yes! Another Obama plan going well. Just like his campaign promise to present and implement balanced plans to trim government debt. Aren't we glad we voted for Obama again? Go figure!
Barzoom
Wed, Dec 12, 2012 : 9:38 p.m.
China is buying up every piece of American technology they can lay their hands on. Soon they will own the rights to everything. All fed by our consumption of cheap, often toxic products from there.
Goober
Thu, Dec 13, 2012 : 10:21 a.m.
We can thank our current government leaders for helping control these events. Thanks Obama! Glad I voted for you again. Where do I go to have my head examined?
LXIX
Wed, Dec 12, 2012 : 9:14 p.m.
China is on a shopping spree. Having already spent billions of dollars snapping up real estate, mineral resources, and energy related companies including 1/3rd share of Deven Energy in Oklahoma and all of Canadian oil company Nexen for $15B, China now wants A123 batteries. As described in this article http://americanfreepress.net/?p=6546 the Chinese have even bought 200 acres in Milan to build a complex suitable to their culture. This can happen when over $20k is owed them by each and every U.S. citizen (our national debt). Welcome to the New World Order - its called globalization.
clownfish
Thu, Dec 13, 2012 : 3:57 p.m.
GOOBER, Some history, Reagan increased debt by 218% HW Bush by 55% Clinton by 37% W Bush by 86% Where were you then? Is Obama responsible for the 10.6 Trillion in debt incurred prior to 2009? Should we call this "Reagan-Land or Bush -Land"?
Goober
Thu, Dec 13, 2012 : 10:19 a.m.
No........it's called Obama-land!
Mike
Wed, Dec 12, 2012 : 8:33 p.m.
Good thing China is around for lot's of reasons...............